QUICK Corp.

Equity Bottom-Up

After-sales service: Key point of Energy As for the energy, company's main business, the capital gain due to the review of the wind power generation business was obtained in the results up to 3Q this term. QUICK Corporate Valuation Research Center maintained its full-year forecast, despite positive factors such as JPY83.1bn, which greatly exceeds the previous estimation of JPY50bn. This is due to the loss provision on the integrated coal gasification combined cycle power project, but it also…

Morningstar

Morningstar, Inc.

Mitsubishi Heavy Industry's, or MHI's, strategy briefing revealed robust profit growth targets in all three divisions, led partly by cutting costs, but we are less optimistic about it. MHI is targeting an operating profit of JPY 350 billion in fiscal 2020 (year ending March 2021), a 59% year-over-year jump over fiscal 2019's JPY 220 billion. Much of the increase comes from a margin improvement. We have given MHI some benefit of the doubt but our revised fiscal 2020 operating profit forecast of…

Mitsubishi Heavy Industry's, or MHI's, confirmed acquisition of Bombardier's commercial regional jet, or CRJ, business for USD 750 million affirms our prior expectation that the deal would have a relatively minor impact on MHI. CRJ is a mature business and we see little growth, adding only around JPY 3 billion operating profit to our midcycle forecast. The purchase, we think could, however, help add expertise and a distribution and support network to boost MHI's own regional jet program. As a…

We're not entirely convinced that Mitsubishi Heavy Industries', or MHI's, acquisition of Bombardier's CRJ business will garner positive economic profit to MHI. Nonetheless, we think the move, which is currently in advanced negotiations, will help save MHI's regional jet business by giving them access to engineering expertise and could ensure that the MRJ gets airborne. It is unlikely that the deal is accretive given the CRJ's ongoing losses but this will depend on the price paid by MHI and if…

Mitsubishi Heavy Industries', or MHI’s, working capital and free cash flow improvement appears to be have exceeded expectations but we think this is mainly due to accounting changes and timing factors. The adoption of IFRS has halved inventory with, we suspect, the other half reflected as contract assets. We continue to include this into our inventory line for our cash flow forecast. Also, the company is accounting for assets related to its troubled South African power plant as indemnification…

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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